7 Best Jumbo Loans in New Jersey


Jumbo mortgage loans in New Jersey are a great way for homebuyers to finance larger home purchases than FHA loan limits.

Key Terms

  • With their higher loan limits, jumbo loans give borrowers in New Jersey more purchasing power for homes with higher home values.
  • The lenders we’ve found often don’t require large down payments for jumbo loans.
  • Homebuyers can finance large purchases with a single loan.

New Jersey is a lively and bustling area of the country, known for its lovely coastlines, charming diners and lush, green parks. It used to be considered significantly cheaper than its more expensive cousins New York and Connecticut, but residents are starting to notice that housing prices are increasing dramatically in many New Jersey counties like Somerset, Hunterdon, Monmouth and Essex County.

Whether you live in a smaller town, a beach community like Cape May or over the river within commuting distance of New York City, home prices in New Jersey are on the rise. According to the New Jersey Association of Realtors, the median sale price of a home in the New Jersey real estate market is $551,028 While that number is well below the jumbo loan limit in New Jersey, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places New Jersey 10th in the country in terms of mortgage origination activity, with a total of $13.92 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in New Jersey, you’ll be among good company.

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What is the jumbo loan limit in New Jersey?

The jumbo loan limit in New Jersey for most counties is $647,200. For counties along the coast and near NYC, the jumbo loan limit is $970,800. Any loan that exceeds either $647,200 or $970,800 is a jumbo loan, depending on the county.

New Jersey Jumbo Loan Limits (October 2022)

New Jersey county-by-county jumbo loan, conforming loan and FHA loan limits.

New Jersey
County
New Jersey
Jumbo loan
(1-unit)
New Jersey
Conforming
loan limit
(1-unit)
New Jersey
FHA loan limit
(1-unit)
Atlantic$647,200+$647,200 $420,680
Bergen$970,800+$970,800 $970,800
Burlington$647,200+$647,200 $477,250
Camden$647,200+$647,200 $477,250
Cape May$647,200+$647,200 $489,900
Cumberland$647,200+$647,200 $420,680
Essex$970,800+$970,800 $970,800
Gloucester$647,200+$647,200 $477,200
Hudson$822,375+$822,375 $970,800
Hunterdon$970,800+$970,800 $970,800
Mercer$970,800+$970,800 $420,680
Middlesex$970,800+$970,800 $970,800
Monmouth$970,800+$970,800 $970,800
Morris$970,800+$970,800 $970,800
Ocean$970,800+$970,800 $970,800
Passaic$970,800+$970,800 $970,800
Salem$647,200+$647,200 $477,250
Somerset$970,800+$970,800 $970,800
Sussex$970,800+$970,800 $970,800
Union$970,800+$970,800 $970,800
Warren$647,200+$647,200 $420,680

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7 Top New Jersey jumbo loan lenders

If you’re in the market for a home in New Jersey, consider these jumbo mortgage loans that are available to state residents.

1. Fulton Bank

Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive jumbo loan program.

We contacted Fulton Bank to get more details about the jumbo mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 5% down up to $1 million
  • 10% down up to $1.5 million
  • 15% down up to $2 million
  • 20% down up to $2.5 million
  • 15-year or 30-year loan terms
  • Fixed or adjustable rate mortgages available
  • Primary home purchases only (other options available for second homes)

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular mortgage lender among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the jumbo mortgage program and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. TD Bank

TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.

We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:

  • 10% down up to $3 million
  • Requires a credit score minimum of 700
  • Can lend up to $4.5 million
  • If you qualify for the wealth program, you are eligible for jumbo loans up to $6 million with 30% down or loans above $6 million with 35% down.

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

7. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage rates. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Advantages of jumbo loans in New Jersey

There are a number of benefits to getting a jumbo loan in New Jersey. One of the most important is that they can increase your purchasing power, giving you more room to move in the competitive New Jersey housing market. 

Jumbo loans are “non-conforming” loans, meaning they are not held to the same limits as conventional loans. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac (the two government-sponsored home loan entities that buy most of the home mortgages made in the U.S. from lenders and resell them to private investors) sets the conforming loan limits.

With a conventional mortgage in Ocean County, for example, you would not be able to finance a home overground 900k without putting down a large upfront cash payment or taking out multiple loans. As prices creep up, many in New Jersey are enjoying the advantages that come with financing a home through a single loan with a jumbo mortgage. 

Is a New Jersey jumbo loan right for you?

While they can open a lot of doors, it’s important to note that not everyone will be able to benefit from a jumbo loan. These types of loans come with stricter requirements, given the risk exposure to the lender and sometimes have higher interest rates.

To see if you qualify for a jumbo loan in New Jersey, lenders will typically look at the following factors:

  • Your credit score – You’ll need a credit score of at least 680 to qualify.
  • Your debt-to-income ratio – This should be below 43% to qualify.
  • Your employment history – You’ll need to have a steady employment history to qualify.
  • Your assets – You’ll need to have enough liquid assets to cover the down payment and closing costs.

While these standards are high, they do come with many benefits, especially in New Jersey. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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